Le European stock markets ended the July 15 session in mixed order, caught between the encouraging signs coming from American inflation and the new increase in tensions between the United States and Iran. Investors are especially concerned about the situation in the Strait of Hormuz, with Tehran announcing its intention to keep the crossing closed until the conclusion of American military operations. US President Donald Trump has backtracked on the idea of introducing a 20% tax on goods in transit, but at the same time threatened new attacks against Iranian strategic infrastructure if no agreement is reached. The US military also confirmed new strikes, targeting the military capabilities used by Iran to target merchant shipping in the region.
In this scenario Milan It's the worst place. The Ftse Mib closed down 0,85%, at 52.411,25 points. Down also Frankfurt, -0,48%, Madrid -0,42% and London, -0,15%. Bucking Paris, up 0,19%, and Amsterdam, which gained 0,74% thanks mainly to the resilience of the technology and semiconductor sectors. Market sentiment continues to be weighed down by the slowdown in China, where GDP recorded its weakest growth rate since the end of 2022.
Wall Street rises, but the Nasdaq suffers from AI sell-offs.
Wall Street opened higher, supported by lower-than-expected data on producer prices, even if the sales on stocks most exposed to Artificial Intelligence are holding back the Nasdaq 100, while the Dow Jones and the S&P 500 are rising. The American market is supported above all by the new sign of cooling inflationProducer prices fell 0,3% in June compared to the previous month, following a 0,6% increase in May and countering expectations for a higher figure. This is the first decline since August 2025 and the largest decline since April last year.
The goods component fell 1,4%, the sharpest decline since July 2022, largely due to the 12% drop in gasoline prices. This data reinforced the belief that the Federal Reserve could avoid another rate hike as early as its July meeting.
On the corporate front, the quarterly earnings season is in full swing. Asml reported better-than-expected results and raised its forecast again, initially supporting semiconductor stocks.Attention now shifts to TSMC's accounts crucial for assessing the strength of global demand for advanced chips and the sustainability of the rally in AI-related companies.
Positive indications also come from the financial sector. Morgan Stanley and BlackRock surprised Wall Street with better-than-expected results: the former benefited from record trading revenues, while the latter brought profits and assets under management to new highs thanks to the growth of ETFs.
Piazza Affari, Nexi rises while Stm slides to the bottom of the list
In Milan, Nexi is the best with a growth of 4,68%, supported by involvement in the European Central Bank's pilot project on the digital euro and by renewed interest in the payments sector. Brunello Cucinelli also very positive, up 3,81% in the wake of Richemont results, which have improved sentiment across the entire luxury sector. Purchases on Stellantis, +3,34%, and up Amplifon, which gained 2,47%. Ferrari also did well, +1,43%,
On the opposite side, Stm is the worst performer on the list with a drop of 3,99%.The stock was hit by a new wave of selling in the technology sector and in stocks linked to artificial intelligence, despite the positive results released by ASML.
Prysmian is also heavy, down 2,54%, also bad Avio, -2,52%.
Poste Italiane remains under scrutiny, following the Bank of Italy's approval of the TIMfin transaction, and Inwit, following the Milan Court's rejection of the precautionary appeal against Fastweb. Outside the FTSE MIB, pressure continues on BFF, following the confirmation of the Bank of Italy's unfavorable judgment and the Bank of Italy's concerns about its accounts.
Oil supported by Hormuz, spread slightly higher
Le Tensions in the Strait of Hormuz continue to support oil, although without causing a real surge in prices for the moment. WTI is moving around 80 dollars a barrel, up about 1%, while Brent remains above 85 dollars and gains about 0,6%. European gas returns above 54 euros per megawatt hour, reflecting fears over the possible consequences of the Middle Eastern crisis on energy supplies. Gold and silver are weak, however after the rally recorded in the previous session.
On the currency market, the the exchange rate between the euro and the dollar remains stable in the 1,14 area. Investors continue to evaluate the outlook for U.S. monetary policy, awaiting new guidance from the Federal Reserve's Beige Book.
Lo spread between BTPs and Bunds closed slightly higher at around 78 basis points, while the yield on the Italian 10-year bond stood at 3,92%.
